Looking for ways to support a child’s future success? As costs rise for school tuitions and degrees, planning ahead for their education is a smart choice.
Education can open minds as well as doors. Give the children you love every opportunity to achieve their full potential. As part of your planning, incorporate education funding strategies with help from RBC Wealth Management.
Our team has in-depth knowledge to provide you with options to fund education in the most tax-effective manner and, through financial planning, to determine the required annual savings to meet your education funding goals. We’ve done our homework.
We’ll show you how saving for a beloved child’s education can fit into your plans and support their success.
A registered education savings plan (RESP) is a popular savings vehicle for post-secondary education. It offers tax-deferral benefits and associated government incentives, and there can be different saving strategies involving RESPs.
Through your advisor, we can help determine which type of RESP suits your needs. Once it’s set up, we help you create a strategy to contribute to the plan effectively and in alignment with your other objectives, identify appropriate investments for the RESP funds and, ultimately, plan for withdrawals in a tax-efficient way.
For many, establishing an RESP for a child is an effective strategy. However, depending on your family’s needs, the lifetime contribution limit may not be suitable or your education funding goals may include more than post-secondary education.
Your RBC Wealth Management advisor can help you explore other options and balance the needs to save for retirement and to save for a child’s education.
When planned properly, a family trust may be another effective education funding tool, while also potentially providing an opportunity for income splitting. A family trust can be established for the benefit of low-income family members, such as children, grandchildren, nieces or nephews.
We can help you consider whether this strategy makes sense for you and your family. Some key considerations include:
Talk with an RBC Wealth Management advisor about your options for funding education.
A personalized plan can help make it easier for you to manage your wealth, so you can focus on what’s important to you and your family.
From yesterday to today to tomorrow, your wealth tells a personal story. We’ll help you align your plans with your wishes and the legacy you envision.
Create an enduring family legacy, simplify your estate and pass down your wealth and values with personalized planning.